Gaotu Techedu Inc (GOTU) 2025 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by, and welcome to the Gaotu Techedu Inc. second quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. I would now like to turn the conference over to your first speaker today, Ms. Catherine Chen, Head of Investor Relations. Please go ahead, Catherine.

女士們、先生們，大家好。感謝您的支持，歡迎參加 Gaotu Techedu Inc. 2025 年第二季財報電話會議。（操作員指示）今天的電話會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係主管 Catherine Chen 女士。請繼續，凱瑟琳。

Thank you, Operator. Good evening, everyone. Thank you for joining Gaotu's second-quarter 2025 earnings conference call. My name is Catherine, and I'll help host the earnings call today. Gaotu's earnings release for the quarter was distributed earlier and is available on the company's IR website at ir.gaotu.cn as well as through PR Newswire services.

謝謝您，接線生。大家晚上好。感謝您參加高途2025年第二季財報電話會議。我叫凱瑟琳，今天我將協助主持財報電話會議。高途本季度的獲利報告已於早些時候發布，可在公司投資者關係網站 ir.gaotu.cn 以及美通社服務上查閱。

Joining the call with me tonight from Gaotu senior management is Mr. Larry Chen, Gaotu's Founder, Chairman and Chief Executive Officer; and Ms. Shannon Shen, Gaotu's Chief Financial Officer. Larry will first provide the business highlights for the quarter, and then afterwards, Shannon will discuss our financial performance in more detail. Following the prepared remarks, we will open the floor to questions from analysts.

今晚與我一起參加電話會議的高途高階主管有高途創辦人、董事長兼執行長 Larry Chen 先生和高途財務長 Shannon Shen 女士。拉里將首先介紹本季的業務亮點，然後香農將更詳細地討論我們的財務表現。在準備好的發言之後，我們將開始回答分析師的問題。

Before we begin, I'd like to remind you that this conference call will contain forward-looking statements made under the safe harbor provision of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations as well as the current market and operating conditions, and they involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the company's control and may cause the company's actual results, performance or achievements to differ materially from those contained in any forward-looking statements. Further information regarding this and other risks is included in the company's public filings with the US SEC.

在我們開始之前，我想提醒您，本次電話會議將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。這些前瞻性陳述是基於管理層當前的信念和預期以及當前的市場和營運條件，涉及已知或未知的風險、不確定性和其他因素，所有這些因素都難以預測，其中許多因素超出了公司的控制範圍，並可能導致公司的實際結果、業績或成就與任何前瞻性陳述中所述的結果、業績或成就存在重大差異。有關此風險和其他風險的更多資訊包含在該公司向美國證券交易委員會提交的公開文件中。

The company does not undertake any obligation to update any forward-looking statements, except as required under applicable law. During today's call, management will also discuss certain non-GAAP measures for comparison purpose only. For a definition of non-GAAP financial measures and representation of GAAP to non-GAAP financial results, please refer to our second quarter earnings release published earlier today. As a reminder, this conference is being recorded. In addition, a live and archived webcast of this conference call will be available on Gaotu's IR website.

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。在今天的電話會議中，管理階層還將討論某些非公認會計準則指標，僅供比較之用。有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的表示，請參閱我們今天稍早發布的第二季財報。提醒一下，本次會議正在錄製中。此外，本次電話會議的現場和存檔網路直播將在高途的投資者關係網站上提供。

It is now my pleasure to introduce our Founder, Chairman and Chief Executive Officer, Larry. Larry, please?

現在我很高興介紹我們的創辦人、董事長兼執行長拉里。拉里，可以嗎？

Good evening, and good morning, everyone. Thank you for joining us on Gaotu's Second Quarter of Fiscal Year 2025 Earnings Conference Call. I would like to take this opportunity to express my gratitude to each of you for your interest in and support of Gaotu. Before I start, I would like to remind everyone that all financial figures discussed today are quoted in RMBunless stated otherwise. Over the past quarter, we maintained solid growth momentum in our core business, while harnessing the power of AI to enhance our service models, foster product innovation and strengthen our organizational capabilities.

大家晚上好，早安。感謝您參加高途2025財年第二季財報電話會議。藉此機會，我謹向各位對高途的關注與支持表示感謝。在開始之前，我想提醒大家，今天討論的所有財務數字除非另有說明，均以人民幣報價。在過去的一個季度，我們的核心業務保持了穩健的成長勢頭，同時利用人工智慧的力量來增強我們的服務模式，促進產品創新並加強我們的組織能力。

Together, these efforts are shaping a clear growth trajectory and sustainable competitive advantages. Upholding our user-centric approach, we consistently upgraded our educational products, improve teaching quality and refined service delivery. Our strategic prioritization and efficient resource allocation have significantly increased per capita productivity. As we progress through 2025, we are steadily elevating our scale, operating efficiency and user satisfaction, underscoring the resilience and disciplined execution driving our business' high-quality growth. In the second quarter, our revenue increased by 37.6% year-over-year to nearly RMB1.4 billion, with gross billings up by 36.2% to approximately RMB2.3 billion.

這些努力共同塑造了清晰的成長軌跡和可持續的競爭優勢。我們秉持以使用者為中心的理念，不斷升級教育產品，提升教學質量，完善服務。我們的策略重點和有效的資源配置顯著提高了人均生產力。邁向2025年，我們將穩定提升規模、營運效率和用戶滿意度，彰顯推動業務高品質成長的韌性和嚴謹的執行力。第二季度，我們的營收年增37.6%至近人民幣14億元，總開票收入較去年同期成長36.2%至約人民幣23億元。

Thanks to our refined operational execution and improved organizational efficiency, we narrowed our net loss by 50.5% year-over-year on a non-GAAP basis. We achieved a net operating cash inflow of RMB588.8 million this quarter, an increase of RMB202.6 million from the same period last year. These results reflect our ability to sustain solid growth momentum while strengthening operational quality and sharpening our competitive edge.

由於我們精細化的營運執行和組織效率的提升，以非美國通用會計準則計算，我們的淨虧損年減了 50.5%。本季實現經營性淨現金流入5.888億元，較去年同期增加2.026億元。這些結果反映了我們保持穩健成長動能的同時加強營運品質和增強競爭優勢的能力。

Now I'd like to elaborate on this quarter's operating highlights on four fronts. First and foremost, we are deepening our investment in AI, advancing our always AI and always AI strategy to upgrade both our teaching models and technology infrastructure. These efforts aim to empower personalized learning at scale and create long-term value. Innovation is part of our DNA and has been a core growth driver since day 1, propelling our consistent exploration and the development of emerging technologies, particularly forward-looking AI initiatives.

以下我從四個面向闡述本季的經營亮點。首先，我們正在深化對人工智慧的投入，推動我們的「始終人工智慧」和「始終人工智慧」策略，以升級我們的教學模式和技術基礎設施。這些努力旨在實現大規模個人化學習並創造長期價值。創新是我們 DNA 的一部分，自第一天起就一直是核心成長動力，推動我們不斷探索和開發新興技術，特別是前瞻性的人工智慧計畫。

We believe AI-driven education solutions can make personalized adaptive learning scalable, allowing every learner to enjoy a more efficient, individualized and high-quality learning experience. Guided by this strategic vision, we have reshaped our previous dual-teacher model into an advanced tri-teacher model, integrating instructors, tutors and AI companions. This new model deeply embeds AI throughout the teaching and course content development process, transforming how education is delivered.

我們相信人工智慧驅動的教育解決方案可以使個人化自適應學習具有可擴展性，讓每個學習者都能享受更有效率、個人化和高品質的學習體驗。在這策略願景的指導下，我們將先前的雙師模式重塑為先進的三師模式，將講師、輔導老師和AI同伴融為一體。這種新模式將人工智慧深深嵌入整個教學和課程內容開發過程中，改變了教育的傳遞方式。

For instructors, AI offers data-driven feedback and provide valuable insight to enhance teaching precision and course quality. For tutors, AI tracks individual student progress and pinpoint knowledge graphs, increasing tutors efficiency and enabling them to deliver more professional personalized learning solutions. For curriculum developers, AI accelerates analysis of learning pathways, optimizing course design and content innovation.

對於教師來說，人工智慧提供數據驅動的回饋並提供有價值的見解，以提高教學精確度和課程品質。對於導師來說，人工智慧可以追蹤個人學生的進度並精確定位知識圖譜，從而提高導師的效率並使他們能夠提供更專業的個人化學習解決方案。對於課程開發者來說，AI可以加速學習路徑的分析，優化課程設計和內容創新。

We continue to increase our investment in AI, centering technology for innovation and our engine fostered by a strong talent base and a robust ecosystem. More specifically, we will further advance AI innovations in educational use cases, cultivate cross-disciplinary teams featuring in both education and AI experts and integrate our content data and partner resources to create a highly efficient, effective and sustainable AI-empowered learning paradigm.

我們持續增加對人工智慧的投入，以技術為中心進行創新，並以強大的人才基礎和健全的生態系統作為引擎。具體來說，我們將進一步推動人工智慧在教育領域的創新，培養由教育專家和人工智慧專家組成的跨學科團隊，整合我們的內容數據和合作夥伴資源，打造高效、有效、永續的人工智慧學習模式。

This strategy will also lay the groundwork for high-quality, long-term growth and reinforce our commitment to delivering lasting value. While propelling educational innovation, we are also embedding AI technology across our entire corporate operations and management processes as our core engine for boosting organizational productivity.

這項策略也將為高品質、長期成長奠定基礎，並加強我們提供持久價值的承諾。在推動教育創新的同時，我們也將AI技術融入整個企業營運和管理流程中，作為提升組織生產力的核心引擎。

By streamlining procedures and unlocking data-driven insights, we are maximizing operational efficiency and enhancing strategic decision-making. Furthermore, AI empowers every Gaotu employee to transcend the boundaries fostering both professional growth and personal fulfillment. Together, we are building long-term market advantages and a more dynamic organization positioned for sustainable growth.

透過簡化流程和釋放數據驅動的洞察力，我們正在最大限度地提高營運效率並增強策略決策能力。此外，人工智慧使每位高途員工能夠超越界限，促進職業成長和個人成就。我們正在共同打造長期的市場優勢和更具活力的組織，以實現永續成長。

Second, with our user-centric approach firmly in mind, we continue to explore new products and develop innovative models to meet a wide range of learning scenarios and individual needs. We have successfully introduced a series of novel products such as the Gaotu Reading app, The Legend of Gao Xiao -- Xiao Chuo and Mao Love Learning, all designed to spark interest in learning, enhance the learning experience and boost student engagement. Through ongoing exploration and market validation, we continually strive to find the optimal product market fit, driving expansion across our business.

第二，我們始終堅持以使用者為中心，不斷探索新產品、開發創新模式，滿足多樣化的學習場景和個人需求。我們成功推出了高途讀書APP、高校傳奇小綽、毛愛學習等一系列新產品，旨在激發學習興趣、提升學習體驗、提高學生參與度。透過不斷的探索和市場驗證，我們不斷努力尋找最佳的產品市場契合度，推動業務擴張。

We also launched our AI flash learning model, which uses advanced algorithms to break down knowledge into granular units connected by dynamic knowledge breath. This approach enables scenario-based, bite-sized and interactive learning that measurably improves efficiency and creates more flexible personalized learning experiences.

我們也推出了AI閃學模型，利用先進的演算法將知識分解成由動態知識鏈連接的顆粒單元。這種方法可以實現基於場景、小塊和互動的學習，從而顯著提高效率並創造更靈活的個人化學習體驗。

Third, we remain laser-focused on building a lifelong learning services platform that is accessible and enjoyable for all. Our comprehensive product portfolio spans nonacademic tutoring services, traditional learning services, educational services for college students and adults and overseas study programs, both online and offline. We also offer students a selection of large class, small class and one-on-one sessions for maximum flexibility.

第三，我們將持續致力於打造人人可用、人人享有的終身學習服務平台。我們全面的產品組合涵蓋非學術輔導服務、傳統學習服務、大學生和成人教育服務以及線上和線下的海外學習計畫。我們也為學生提供大班、小班和一對一課程的選擇，以實現最大的靈活性。

Our broad user coverage and robust product matrix comprehensively address diverse learning needs, strengthening Gaotu brand awareness and reputation through word-of-mouth referrals while also driving cross-category conversions. By consistently amplifying user engagement and long-term educational value, we are steadily building an enduring competitive moat in the education industry.

我們廣泛的用戶覆蓋和強大的產品矩陣全面滿足了多樣化的學習需求，透過口碑推薦增強了高途的品牌知名度和美譽度，同時也推動了跨類別的轉換。透過不斷擴大用戶參與度和長期教育價值，我們正在穩步建立教育產業持久的競爭障礙。

Fourth, we remain committed to fulfilling our social responsibilities, aligning long-term shareholder value with broader societal impact. To enhance shareholder returns as of August 25, 2025, we have allocated a total of nearly RMB557 million to repurchase approximately 25 million ADS, a strong testament to our persistent focus on and long-term confidence in creating shareholder value.

第四，我們將繼續致力於履行社會責任，將長期股東價值與更廣泛的社會影響結合。為提升股東回報，截至2025年8月25日，我們已累計投入近5.57億元回購約2,500萬股美國存託憑證，充分體現了我們對創造股東價值的持續關注與長期信心。

Moreover, through the Gaotu Foundation, we have partnered with top-tier universities to establish Career Dream Bases for college students, a one-stop career support system encompassing curated internship opportunities, employment grants, career mentorship programs and professional development workshops. This end-to-end career accelerator not only empowers young talent but also demonstrates our commitment to creating both commercial and social value with a focus on healthy growth at the heart of everything we do, I remain confident in Gaotu's future trajectory.

此外，我們還透過高途基金會與一流大學合作，為大學生建立職業夢想基地，這是一個一站式職業支持系統，包括精心策劃的實習機會、就業補助、職業指導計劃和專業發展研討會。這個端到端的職業加速器不僅賦能年輕人才，也體現了我們致力於創造商業和社會價值的承諾，我們所做的一切都以健康成長為核心，我對高途的未來發展充滿信心。

Our diverse educational product portfolio, rapidly evolving AI technology capabilities, solid financial foundation and highly cohesive and effective team position us for continued innovation and success. Our goal is to deliver a best-in-class learning experience to our users while creating long-term shareholder value and advancing both our social impact and commercial success.

我們多樣化的教育產品組合、快速發展的人工智慧技術能力、堅實的財務基礎以及高度凝聚力和高效的團隊使我們能夠持續創新和取得成功。我們的目標是為用戶提供一流的學習體驗，同時創造長期股東價值並提升我們的社會影響力和商業成功。

Thank you very much, everyone. This concludes my prepared remarks. I will now pass the call over to our CFO, Shannon, to walk you through this quarter's financial and operational details.

非常感謝大家。我的準備發言到此結束。現在我將把電話轉給我們的財務長香農 (Shannon)，讓她向您介紹本季的財務和營運細節。

Thank you, Larry, and thank you, everyone, for joining our call today. I will now walk you through our operating and financial performance for the second quarter of fiscal year 2025. In this quarter, we remained focused on advancing our healthy growth strategy, creating solid, high-quality growth momentum. Net revenues reached nearly RMB1.4 billion, exceeding the upper end of our guidance by 5.4%. Gross billings grew by 36.2% year-over-year, outpacing last quarter's growth rate by 14.4 percentage points.

謝謝拉里，也謝謝大家今天參加我們的電話會議。現在，我將向大家介紹我們 2025 財年第二季的營運和財務表現。本季度，我們持續致力於推動健康成長策略，創造穩健、高品質的成長動力。淨收入達到近14億元，超出我們預期上限5.4%。總營業額年增 36.2%，比上一季的成長率高出 14.4 個百分點。

In addition to our top line growth, loss from operations and net loss narrowed by 48.0% and 49.7%, respectively, reflecting continued gains in operational efficiency and outstanding resource allocation. Deferred revenue increased by 38.9% year-over-year to about RMB2.2 billion, providing a solid foundation for sustained future growth. We maintained our ample cash position with cash, cash equivalents, restricted cash and short-term and long-term investments totaling over RMB3.8 billion as of June 30, 2025.

除了營收成長之外，營業虧損和淨虧損分別收窄48.0%和49.7%，反映出營運效率的持續提升和資源配置的優異。遞延收入年增38.9%至約人民幣22億元，為未來持續成長奠定了堅實的基礎。我們維持充足的現金狀況，截至2025年6月30日，現金、現金等價物、受限現金以及短期和長期投資總額超過人民幣38億元。

Excluding the impact of share buybacks, our cash position increased by RMB135.6 million compared to a year ago, supported by consistent investments in enhancing user experience, course and service quality and organizational capabilities. The profitability and operational quality of our core established business continues to strengthen.

剔除股票回購的影響，我們的現金狀況較上年同期增加了人民幣1.356億元，這得益於我們對提升用戶體驗、課程和服務品質以及組織能力的持續投資。我們核心現有業務的獲利能力和營運品質不斷增強。

In our ongoing efforts to boost operating leverage and efficiency, AI and other cutting-edge technologies are increasingly playing a crucial role in the refinement of operations, reducing operating expenses as a percentage of net revenue by 31.6 percentage points, compared to the same period last year. To capitalize on the peak student demand during the summer period, we typically allocate key resources such as teacher recruitment, team training and customer acquisition channels well in advance. Given the approximately 3- to 6-month gap between marketing investment and revenue recognition, we recommend using the ratio of gross billings to marketing investments as a more accurate indicator of customer acquisition efficiency for the online business.

在我們不斷提升營運槓桿和效率的努力中，人工智慧和其他尖端技術在精細化營運中發揮著越來越重要的作用，與去年同期相比，營運費用佔淨收入的比例降低了31.6個百分點。為了充分利用暑假期間學生需求的高峰，我們通常會事先分配教師招募、團隊培訓和客戶獲取管道等關鍵資源。考慮到行銷投入和收入確認之間大約有 3 到 6 個月的差距，我們建議使用總營業收入與行銷投入的比率作為線上業務的客戶獲取效率的更準確指標。

This quarter, we not only effectively captured and converted high student demand to drive gross billings growth but also achieved a 1.7% year-over-year reduction in selling expenses and an increase of 38.6% in selling expenses ROI, bringing ROI to its highest level over the past 4 years. Simultaneously, G&A expenses and R&D expenses decreased year-over-year for the second consecutive quarter as a percentage of net revenues.

本季度，我們不僅有效抓住並轉化了學生旺盛的需求，推動了總收入的成長，而且銷售費用同比下降1.7%，銷售費用投資回報率增長38.6%，投資回報率達到近4年來的最高水平。同時，一般及行政費用和研發費用佔淨收入的百分比連續第二季年減。

The ratio fell by 8.0 percentage points year-over-year this quarter, reflecting effective and growing economies of scale. Through process optimization and data-driven decision-making, we have further enhanced the group overhead efficiency, laying a strong groundwork for sustained profitability improvements going forward. Next, an overview of this quarter's progress by business segment. Learning services contributed over 95% of net revenue. Breaking it down, over 85% of total revenues came from nonacademic tutoring services and the other traditional learning services, representing an increase of 50% year-over-year.

本季該比率年減了8.0個百分點，反映出規模經濟的有效成長。透過流程優化和數據驅動決策，我們進一步提升了集團間接費用效率，為未來持續獲利能力提升奠定了堅實的基礎。接下來，我們來概述一下本季各業務部門的進展。學習服務貢獻了95%以上的淨收入。其中，非學術輔導服務和其他傳統學習服務佔總收入的85%以上，較去年同期成長50%。

Combined gross billings from these 2 segments grew by over 40% year-over-year. Our new initiatives focused on nonacademic tutoring services in both online and offline settings, delivered strong growth this quarter. Gross billings were up by over 100% year-over-year, while net revenues from this segment recorded 3-digit growth, contributing nearly 40% of total revenue. This also marked the sixth consecutive quarter of this 3-digit achievement. By further optimizing operational processes and teaching services quality, we boosted student retention rate for the spring semester with new enrollment student retention rate in a climbing trend year-over-year.

這兩個部門的合併總營業額年增超過 40%。我們的新措施專注於線上和線下非學術輔導服務，本季實現了強勁成長。總營業額年增超過100％，而該部門的淨收入則實現了三位數的增長，貢獻了總收入的近40％。這也是連續第六個季度實現三位數的業績。透過進一步優化營運流程和教學服務質量，我們提高了春季學期的學生保留率，新生保留率年比呈上升趨勢。

In addition, we actively expanded into emerging traffic platform and introduced innovative products to optimize our customer acquisition mechanism, enhancing acquisition efficiency. Our traditional learning services maintained its healthy growth trajectory. While the early timing of the Spring Festival led to a year-over-year decline in the number of class sessions delivered this quarter, higher enrollment resulted in a 12.1% year-over-year increase in net revenues for the quarter, contributing to nearly 25% growth in total revenues for the first half of 2025.

此外，我們積極拓展新興流量平台，推出創新產品，優化獲客機制，提升獲客效率。我們的傳統學習服務維持了健康的成長軌跡。雖然春節提前導致本季課程數量年減，但入學人數增加導致本季淨收入年增 12.1%，推動 2025 年上半年總收入成長近 25%。

We remain focused on localizing our curriculum to better align course content and services, a strategy that has already been validated by positive outcomes from user acquisition through service delivery. Building on this early success, we plan to duplicate this model across multiple cities and regions. According to preliminary statistics, the number of students from Gaotu's class of 2025 admitted to the top 2 universities in China reached 267, marking 5 consecutive years of growth.

我們仍然專注於課程在地化，以更好地協調課程內容和服務，這項策略已經透過從用戶獲取到服務交付的積極成果得到了驗證。基於這一早期成功，我們計劃在多個城市和地區複製這一模式。根據初步統計，高圖2025級畢業生考入全國排名前兩位的大學人數達267人，連續5年維持成長。

To date, 1,118 Gaotu students have been admitted to the top 2 leading universities, a strong testament to our competitiveness across educational products, teaching quality and learning services. Additionally, our referral rate for the second quarter surged by 75% compared to a year ago. The other crucial component of our learning services is educational services for college students and adults. In the second quarter, this segment contributed over 10% of total revenues.

截至目前，已有1,118名高途學生被全國排名前兩所的頂尖大學錄取，充分體現了我們在教育產品、教學品質和學習服務方面的競爭力。此外，我們第二季的推薦率與去年同期相比飆升了 75%。我們的學習服務的另一個重要部分是針對大學生和成年人的教育服務。第二季度，該部門貢獻了總收入的10%以上。

Loss from operations from this segment significantly narrowed year-over-year with operating cash flow turning positive, demonstrating our strong strategic execution, effective resource planning and increasing team productivity. Gross billings from educational services for college students increased by more than 50% year-over-year, with operating cash flow growing over 4x. On top of ongoing improvements in our online product quality and operating efficiency, we steadily expanded our offline product portfolio and our online merge offline module to cover a wider range of learning scenarios and needs.

該部門的營業虧損年比大幅收窄，經營現金流轉為正值，反映了我們強大的策略執行力、有效的資源規劃和不斷提高的團隊生產力。大學生教育服務總收入年增50%以上，經營現金流成長4倍以上。在不斷提升線上產品品質和營運效率的同時，我們也穩定拓展線下產品線，不斷拓展線上線下融合模組，以涵蓋更廣泛的學習場景和需求。

It is worth noting that Gaotu training center, our flagship offline service platform for college students, reached full enrollment capacity within just 3 months of its launch, affirming both our rational brand influence and this business model's promotional reliabilities. I will now present our financials in more detail.

值得一提的是，我們旗艦級的大學生離線服務平台高途培訓中心上線僅3個月便實現滿員，充分肯定了我們合理的品牌影響力和該商業模式的推廣可靠性。我現在將更詳細地介紹我們的財務狀況。

Our cost of revenue this quarter was RMB472.8 million. Gross profit increased 31.6% year-over-year to RMB916.5 million, with a gross margin of 66.0%. The year-over-year decrease in gross margin was primarily due to changes in our product mix. Total operating expenses during the quarter decreased 0.2% year-over-year to approximately RMB1.2 billion. Breaking it down, selling expenses decreased 1.7% year-over-year this quarter to RMB820.9 million, accounting for 59.1% of net revenues.

本季我們的營業成本為人民幣4.728億元。毛利年增31.6%至9.165億元，毛利率為66.0%。毛利率年減主要是由於產品結構的變化。本季總營業費用年減0.2%至約人民幣12億元。具體來看，本季銷售費用較去年同期下降1.7%至8.209億元，佔淨收入的59.1%。

Research and development expenses decreased 8.6% year-over-year to approximately RMB148.2 million, accounting for 10.7% of net revenues. General and administrative expenses increased 15.7% year-over-year to approximately RMB189.3 million, accounting for 13.6% of net revenues. Loss from operations was RMB241.9 million and operating loss margin was 17.3%. Non-GAAP loss from operations was RMB232.7 million -- I'm sorry, I'm a bit under the weather today, so I might have to drink water from time to time. Sorry for the inconvenience.

研發費用較去年同期下降8.6%至約人民幣1.482億元，佔淨收入的10.7%。一般及行政開支年增15.7%至約人民幣1.893億元，佔淨收入的13.6%。經營虧損為人民幣2.419億元，經營虧損率為17.3%。非公認會計準則營業虧損為2.327億元——抱歉，我今天身體有點不舒服，所以可能需要時不時喝點水。帶來不便敬請諒解。

I will continue. And non-GAAP operating net loss margin was 16.7%. Net loss was RMB217.1 million, and net loss margin was 15.5%. And non-GAAP net loss was RMB206.8 million, and non-GAAP net loss margin was 14.9%. Our net operating cash inflow was RMB588.8 million.

我會繼續。非公認會計準則營業淨虧損率為16.7%。淨虧損為人民幣2.171億元，淨虧損率為15.5%。非美國通用會計準則淨虧損為2.068億元，非美國通用會計準則淨虧損率為14.9%。我們的淨經營現金流入為人民幣5.888億元。

Now turning to our balance sheet. As of the June 30, 2025, we held RMB841.4 million in cash, cash equivalents and restricted cash, along with RMB2.6 billion in short-term investments and RMB387.5 million in long-term investments. This comes to a total of over RMB3.8 billion. As of the June 30, 2025, our deferred revenue balance was around RMB2.2 billion, primarily consisting of tuition received in advance. As of August 26, 2025, we repurchased an aggregate of around 25 million ADS on the open market for approximately RMB557 million.

現在轉向我們的資產負債表。截至2025年6月30日，我們持有現金、現金等價物及限制性現金8.414億元人民幣，短期投資26億元人民幣，長期投資3.875億元人民幣。總計超過38億元。截至2025年6月30日，我們的遞延收入餘額約為人民幣22億元，主要包括預收的學費。截至2025年8月26日，我們在公開市場上回購了總計約2,500萬股ADS，回購金額約為人民幣5.57億元。

Before I provide our business outlook for the next quarter, please allow me to remind everyone that this contains forward-looking statements, which include risks and uncertainties that are beyond our control, and could cause the actual results to differ materially from our predictions. Based on our current estimates, total net revenues from the third quarter of 2025 are expected to be between RMB1,558 million and RMB1,578 million, representing an increase of 28.9% to 30.6% on a year-over-year basis. This concludes my prepared remarks.

在我提供下一季的業務展望之前，請允許我提醒大家，這包含前瞻性陳述，其中包括我們無法控制的風險和不確定性，並可能導致實際結果與我們的預測有重大差異。根據我們目前的估計，預計2025年第三季的總淨收入將在人民幣15.58億元至人民幣15.78億元之間，年增28.9%至30.6%。我的準備發言到此結束。

Operator, we are now ready for the Q&A section. Thank you, everyone for listening.

接線員，我們現在可以進入問答環節。謝謝大家的聆聽。

(Operator Instructions) Elsie Sheng, CLSA.

（操作員指示）Elsie Sheng，里昂證券。

Congratulations on continuing to deliver strong growth. I have a question on the offline centers development because although right now, the offline is a relatively small portion of our revenue, but it's a potential room -- there is potential room to grow in the future. So I would like to know our latest update, especially on the offline business? And do you have any like operating metric or indicator to share, like the ramp-up and the group future growth target.

恭喜您持續實現強勁成長。我對線下中心的發展有一個疑問，因為雖然目前線下在我們的收入中所佔比例相對較小，但它是一個潛在的空間——未來還有潛在的成長空間。所以我想了解我們的最新動態，特別是線下業務方面？您是否有任何類似的營運指標或指標可以分享，例如成長速度和集團未來成長目標。

Thanks, Elsie, for your question and for your interest in our offline initiatives. Our offline business is experiencing strong momentum and has quickly become a new growth engine for us. In the second quarter, offline learning center revenue grew by more than 20% on a year-over-year basis and has already contributed over 5% of gross billings this quarter.

謝謝 Elsie 的提問以及對我們線下活動的關注。我們的線下業務發展勢頭強勁，並迅速成為我們新的成長引擎。第二季度，線下學習中心營收年增超過20%，已貢獻本季超過5%的總營收。

So the reason behind that is first, on the customer side, we are leveraging a unique advantage of in-person interaction to build a deeper trust with students and parents in a more direct way. So by precisely matching localized and personalized learning needs and fostering high frequency engagement, we are significantly strengthening our customer loyalty.

背後的原因是，首先，在客戶方面，我們利用面對面互動的獨特優勢，以更直接的方式與學生和家長建立更深層的信任。因此，透過精確匹配在地化和個人化的學習需求並促進高頻參與，我們顯著增強了客戶忠誠度。

And secondly, from the educational product perspective, leveraging the meticulously refined online content, there is no need for the offline learning centers to build up the content from scratch. So the offline learning centers are able to extend vertically on localization and personalization, speed up iteration and improve their content quality quickly.

其次，從教育產品的角度來說，有了線上精心打造的內容，離線學習中心就不需要從零開始建立內容。使得離線學習中心能夠在在地化、個人化上進行縱向延伸，並加快迭代速度，快速提升內容品質。

And third, on brand awareness and headquarter support, Gaotu has a strong brand recognition, enhances customer trust and attract high-quality talent. We have the ability to provide critical faculty support for our online operations in their early stages. We are also integrating some online credit traffic with offline channels to meet diverse student needs, and it's also a strong support for offline business to grow at the beginning stage.

第三，在品牌知名度和總部支援方面，高途擁有強大的品牌知名度，增強了客戶信任度，吸引了高素質人才。我們有能力為早期的線上運營提供關鍵的教師支援。我們也正在把一些線上學分流量跟線下管道進行整合，滿足學生多樣化的需求，這也是對線下業務起步階段成長的一個有力支撐。

In addition, our headquarters has been able to invest in our digital infrastructure to improve the quality and efficiency of our offline operations. So we already saw the trend that in certain cities, especially for those cities and regions, we already entered after 2 to 3 years operations, we are seeing worker cycle that if we have strong teachers and high-quality instructors and content there, they all drive positive word-of-mouth referrals and are able to lead into a steady improving retention rates.

此外，我們的總部還能夠投資我們的數位基礎設施，以提高我們線下營運的品質和效率。因此，我們已經看到了某些城市的趨勢，特別是那些我們運營了 2 到 3 年的城市和地區，我們看到了員工週期，如果我們有強大的教師和高品質的講師和內容，他們都會帶來積極的口碑推薦，並能夠穩步提高保留率。

And that's one of the reasons that in the second quarter, the gross billings in our offline initially growth so fast. So the last and for the most, a highly efficient and professional team was assembled in the past 2 years, providing a strong foundation for the advancement of our offline operations. Leaders in each city are highly sophisticated, are senior in experience, they are innovative and proactive.

這就是我們第二季線下總營收最初成長如此之快的原因之一。最後也是最重要的，在過去的兩年裡，我們組建了一支高效、專業的團隊，為我們線下業務的發展奠定了堅實的基礎。每個城市的領導者都非常成熟、經驗豐富、富有創新精神並且積極主動。

This gives us strong confidence in the scalability and sustainable of the business. So the cities we already entered and the learning centers were already opened, like all the numbers have been guided in the past quarter. Overall, our offline business is continuously validating its business model. And at the same time, its development enriches our product mix that enables us to serve increasingly diverse learning needs of students. So that basically means that students have a demand of online learning, they can choose our online services.

這使我們對業務的可擴展性和可持續性充滿信心。因此，我們已經進入的城市和學習中心已經開放，就像上個季度的所有數字一樣。總體來說，我們的線下業務正在不斷驗證其商業模式。同時，它的發展豐富了我們的產品組合，使我們能夠滿足學生日益多樣化的學習需求。所以這基本上意味著學生有線上學習的需求，他們可以選擇我們的線上服務。

And if a student want a more personalized or a person -- in-person interaction, they can also choose an offline learning. So it kind of like enriches our product metrics. So we look forward to the future that our offline business will bring more students and more customer satisfaction to the group. Thanks, Elsie. I hope that address your question.

如果學生想要更個人化或面對面的互動，他們也可以選擇線下學習。因此它有點豐富了我們的產品指標。所以我們期待未來我們的線下業務能為集團帶來更多的學員，帶來更多的客戶滿意度。謝謝，埃爾西。我希望這能解答你的問題。

Yes, it's very clear. And congrats again.

是的，非常清楚。再次恭喜。

Crystal Li, CMS.

Crystal Li，CMS。

Larry, Shannon and Catherine. Congratulations on the strong results. I have two questions here. One is for the summer enrollment. Could you share more color on that and maybe the industry insight? And my second question is, how should we look at the full year growth outlook given your strong first half and third quarter guidance?

拉里、香農和凱瑟琳。恭喜您取得如此優異的成績。我這裡有兩個問題。一個是夏季入學。您能否分享更多有關該問題的細節以及行業見解？我的第二個問題是，鑑於您對上半年和第三季的強勁預期，我們應該如何看待全年成長前景？

Thanks, Crystal. Yes, and summer is very important for the whole academical year. So as the summer enrollment season drops to a close and it is almost closed by the end of this month, we are very glad to share that our overall performance has successfully exceeded expectations, and probably you can tell from the guidance we provided for the next quarter. So the biggest contributor is the improvement of teaching quality. The retention rate, a core indicator that directly reflects customer regulation and product satisfaction, delivered an outstanding performance this summer.

謝謝，Crystal。是的，暑假對於整個學年來說非常重要。因此，隨著夏季招生季節即將結束並且本月底即將結束，我們非常高興地與大家分享，我們的整體表現已成功超出預期，您可能從我們為下一季度提供的指導中就可以看出這一點。所以最大的貢獻者是教學品質的提升。作為直接反映顧客消費習慣和產品滿意度的核心指標，留存率在今年夏季表現突出。

As I just mentioned in my prepared remarks, so compared to both our historical levels and the industry average, retention has been continuously improved. And what surprises us more is that we saw the new student retention rate keeps improving but also help with our customer acquisition efficiencies. So from the perspective of operational efficiency, specifically, our ROI in the second quarter improved from 1.99% in the same period last year to 2.75% this year.

正如我剛才在準備好的發言中提到的那樣，與我們的歷史水平和行業平均水平相比，保留率一直在不斷提高。更讓我們驚訝的是，我們看到新生保留率不斷提高，同時也有助於提高我們的客戶獲取效率。那麼從營運效率的角度來看，具體來說，我們第二季的投資報酬率從去年同期的1.99%提高到今年的2.75%。

This means an increase of 38.6%, reflecting a significant step-up in efficiencies. And as I just mentioned in my prepared remarks, that the absolute number of our sales and marketing expenses actually decreased on a year-over-year basis, but our gross billings still shows over 36% year-over-year increase.

這意味著成長了 38.6%，反映出效率的顯著提高。正如我剛才在準備好的演講中提到的那樣，我們的銷售和行銷費用的絕對金額實際上同比有所下降，但我們的總營業額仍同比增長 36% 以上。

So that's suggesting the positive trend will continue. And we also have the confidence, in Q3 that our ROI for sales and marketing will further improve on a year-over-year basis. So beyond the refinement of teaching quality, ROI gains also reflect our multiple prolonged efforts on customer acquisition, ongoing explorations of diversified channels, our long-term investment in referrals and private traffic and also systematic enhancement of organizational capabilities. But both of the efforts are inseparable from the deep empowerment of our AI technology. Our AI strategy is crystal clear as Larry just mentioned, always AI and always AI, with implementation focused on the value chain of the whole customer journey.

這表明積極的趨勢將會持續下去。我們也有信心，在第三季度，我們的銷售和行銷投資回報率將比去年同期進一步提高。所以ROI的提升除了教學品質的提升之外，也體現了我們在獲客方面的持續投入、多元化管道的持續探索、在引薦和私域流量方面的長期投入以及組織能力的系統性提升。但這兩方面的努力都離不開我們AI技術的深度賦能。我們的AI策略非常明確，正如Larry剛才所提到的，始終AI，始終AI，實施重點是整個客戶旅程的價值鏈。

So on the student side, we are able to build up a 3-teacher model adding to the dual-teacher model, we have a leading instructor, we have supporting tutor, and also, we have an AI instructor. This meant that Gaotu can deliver a comprehensive full-cycle learning support. And on the teacher support side, AI takes on repetitive tasks, freeing our teachers from those repetitive tasks and they can focus more on the core educational value, like sparking curiosity and shaping characters of students. So this, in turn, continuously enhance our teachers' professional well-being and personal satisfaction. Actually, in the summer and in the peak season, we can actually reduce their working hours in the peak season, that's a big step.

因此，在學生方面，我們可以建立一個三師模式，加上雙師模式，我們有一個主講教師，一個輔導教師，還有一個 AI 教師。這意味著高途可以提供全面的全週期學習支援。在教師支援方面，人工智慧承擔了重複性任務，將我們的教師從這些重複性任務中解放出來，讓他們能夠更加專注於核心教育價值，例如激發好奇心和塑造學生的性格。因此，這反過來又不斷提高我們教師的職業幸福感和個人滿意度。實際上，在夏季和旺季，我們實際上可以減少他們在旺季的工作時間，這是一個很大的進步。

And on the operational side, AI is optimizing efficiency across the entire value chain. This includes faster customer service response through AI assistant interactions like automatic Q&As, more precise user profiling for targeted operations and intelligent optimizing of operational processes. And all these initiatives not only drive cost reduction and efficiency gains but also provide a solid technology foundation for sustainable business growth.

在營運方面，人工智慧正在優化整個價值鏈的效率。這包括透過自動問答等人工智慧助理互動實現更快的客戶服務響應、更精確的用戶分析以進行有針對性的營運以及智慧優化營運流程。所有這些舉措不僅推動了成本的降低和效率的提高，而且為可持續的業務成長提供了堅實的技術基礎。

And leveraging all the efforts, we are able to lay a solid foundation for the whole year's growth we set an initial goal at the beginning of this year to target around 30% year-over-year revenue growth. And if you look at the total numbers, we have got together, our total revenue growth rate for the first half of this year stood at around 47.3%. And the upper limit of the Q3 revenue guidance we just provided a 30.6%. From this perspective, our year-over-year revenue growth for the first 9 months will exceed 40%, a figure that significantly surpassed the upper limit, we have set up for the full year goal at the beginning of the year. Therefore, we will also accordingly raise our expectations for the full year revenues.

透過這些努力，我們為全年的成長奠定了堅實的基礎，我們在今年年初設定的初步目標是實現營收年增 30% 左右。如果你看一下我們的總體數字，今年上半年我們的總收入成長率約為 47.3%。我們剛剛給出的第三季收入預期上限是 30.6%。從這個角度來看，我們前9個月的營收年增將超過40%，這個數字大大超過了我們年初設定的全年目標的上限。因此，我們也將相應提高全年營收的預期。

I hope that addressed your question, Crystal.

我希望這回答了你的問題，Crystal。

As there are no further questions now, I'd like to turn the call back over to the company for closing remarks.

由於現在沒有其他問題，我想將電話轉回給公司進行結束語。

Thank you, operator, and thank you, everyone, for joining the call today. If you have any further questions, please don't hesitate to contact our Investor Relations department or our management via e-mail at ir@gaotu.cn directly. You are also welcome to subscribe to our news alert on the company's IR website. Thank you very much again for your time. Have a great night.

謝謝接線生，也謝謝大家今天參加電話會議。如果您有任何其他問題，請直接透過電子郵件 ir@gaotu.cn 聯絡我們的投資者關係部門或管理層。也歡迎您在公司的 IR 網站上訂閱我們的新聞提醒。再次非常感謝您抽出時間。祝您有個愉快的夜晚。

This concludes today's conference call. You may disconnect your line. Thank you.

今天的電話會議到此結束。您可以斷開線路。謝謝。